Cloud Data Security Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Cloud Data Security Market - Global Industry Analysis (2019 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

A significant surge in high-profile data breaches coupled with increasing cloud adoption by various organisations is driving the global cloud data security market growth. Moreover, the rising trend of leveraging cloud platforms to store data has further necessitated the need for cloud data security solutions. Fairfield Market Research offers a panoramic view of the global cloud data security market unveiling the anticipated growth trajectory over the forecasted period. Valued at over US$2.5 Bn in 2019, the global cloud data security market is now anticipated to reach US$13.2 Bn by 2029, growing at a CAGR of 15.9%.

Key vendors in the global cloud data security market are adopting various organic and inorganic growth strategies, including new product launches, strategic alliances and acquisitions, and business expansions. Going forward, such sincere efforts by industry participants to stay competitive are expected to steepen the growth curve for the global cloud data security market.

Key Insights and Trends Across Global Cloud Data Security Market

The cloud data security market size is projected to witness 5x revenue growth over the forecasted period

The rapidly rising digitisation around the world is creating significant market inroads

North America is anticipated to hold a prominent share of the global cloud data security market, with the US witnessing the fastest adoption

Government entities to play a significant role in catalysing growth across the global cloud data security market

Ascending Cloud Technology Implementation Uplifts Cloud Data Security Market

In the aftermath of the COVID-19 pandemic, the trend of remote working has gained significant prominence, significantly boosting the adoption of cloud platforms. In addition to this, the need for internal resources to manage cloud services has contributed to the growing importance of managed services among small and mid-sized enterprises. SMEs are also adopting cloud computing in their procedures and operations due to its various benefits including rapid implementation, ease of access, low installation costs, and fewer IT structure requirements. In this context, government authorities around the world are increasingly investing in cloud-based computing delivery models.

For instance, through public-private partnerships, strategic collaborations to advance smart megacity enterprises and smart transportation systems are being promoted. Additionally, acknowledging the constantly evolving cyberattack threat, prominent cloud vendors are increasingly investing in improving cloud security. All these trends together are projected to unlock novel revenue opportunities across the global cloud data security market.

North America’s Cloud Data Security Market Spearheads

North America is likely to defend its top position in the global cloud data security market during the study period. The advanced technological infrastructure and expertise of the region play a vital role in the region’s market growth. Moreover, the increased research and development activities across the region are improving the market growth prospects.

Another key factor is the wide availability of a highly skilled workforce who possess a deep understanding of cloud computing and data security. A skilled workforce significantly accelerates the development of sophisticated cloud data security solutions that caters to the security needs of North American organizations. Gauging the momentum of these trends, North America is projected to gain a competitive edge in the global cloud data security market.

Prominent Market Players

Some of the key players in the global cloud data security market include Cisco Systems, IBM, Sailpoint Technologies, Microsoft Corporation, DELL, Oracle, CA Technologies, HITACHI, Micro Focus, Okta, and Centrify Corp.

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